Nigeria SEC Plans to Regulate Tokens in New Digital Asset Regulations
The Nigerian Securities and Exchange Commission (SEC) is reportedly preparing new industry regulations for digital assets, specifically allowing licensed digital exchanges to list tokens backed by certain assets. According to Bloomberg, the SEC's proposed rules will not cover cryptocurrencies like Bitcoin (BTC) but rather aim to provide clarity on how tokens backed by assets such as real estate or fine art can be traded. Nigeria has shown a keen interest in cryptocurrencies, with the country ranking second globally in peer-to-peer Bitcoin trades last year. However, the government has been cautious about adopting them, issuing warnings and restrictions to protect investors from scams and fraud.